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Berkshire Hathaway reported that its cash and cash equivalents rose to a record $397.38 billion in Greg Abel’s first quarter as CEO. The company said it sold $24.09 billion in equity securities during the quarter and bought $15.94 billion.
Operating earnings increased nearly 18% to $11.35 billion, with much of the improvement attributed to a rebound in Berkshire’s insurance business. In the prior quarter, Berkshire had posted a nearly 30% year-over-year drop in operating earnings, citing write-downs related to its stakes in Kraft Heinz and Occidental Petroleum.
Berkshire said Apple, American Express, Bank of America, Coca-Cola and Chevron remained its largest holdings.
Berkshire also restarted its buyback program for the first time in nearly two years, repurchasing $234.2 million of its own shares during the period. The company framed the move as part of its long-term approach, repurchasing shares when they trade below its perceived intrinsic value. Greg Abel has also been buying Berkshire shares himself.
Abel was in the spotlight at Saturday’s shareholder meeting, where he sought to reassure investors of his commitment to Berkshire’s longstanding values following Warren Buffett’s departure at the end of last year. Abel told shareholders he sees a “unique opportunity” for Berkshire to excel across its many businesses that are “fundamental and really central to American businesses and American industry and to the American consumer.”
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
